New Feature from Coinbase Wallet Allows for Crypto Transfer Through a Link
A new feature from Coinbase Wallet allows for the transfer of crypto through a link that can be sent through some of the most popular social media sites and messaging apps as the crypto exchange looks to make its service accessible to a wider market.
“Users can now send money on any platform that they can share a link,” Coinbase said in a Dec. 5 blog post, naming apps like iMessage, Telegram, WhatsApp, Facebook, Instagram, and TikTok.
Clicking the link will take the recipient to their device’s app store to download Coinbase Wallet — if not already downloaded — where they can create a wallet in one click, Coinbase noted.
If the funds aren’t claimed within two weeks, they will be returned to the sender.
Coinbase also made a “simple mode” for its wallet to help new and less savvy tech users which only shows basic functions like buying, sending, receiving, and viewing assets.
Coinbase says the new feature aims to solve complexities with international bank wire transfers, which it claims often come with hefty fees and paperwork and can take up to five business days for the funds to arrive.
Coinbase’s (COIN) share price has increased over 300% so far in 2023 to $140, but is still down 59% from its all-time high of $343 on Nov. 12, 2021, according to Google Finance.
The new feature from Coinbase Wallet that allows for crypto transfers through a link is set to make the service more accessible to a wider market. Users can now send money on any platform that they can share a link, including popular social media sites and messaging apps. By clicking the link, recipients will be directed to download Coinbase Wallet, where they can create a wallet in just one click. Coinbase has also introduced a “simple mode” for its wallet to cater to new and less tech-savvy users. This new feature aims to simplify international bank wire transfers, which often involve high fees, paperwork, and lengthy processing times. While Coinbase’s share price has seen significant growth in 2023, it is still down from its all-time high in 2021.